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trade enables individuals to obtain the goods in which they do not have a specialization
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∙ 10y ago
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Describe labor specialization?
Labor specialization led to a diverse West African economy. How?? I need a reason why.
What does specialization do for the economy?
it makes it more efficient
What is a one-resource economy?
a one-resource economy is an economy that relies on one thing
What is one resource economy?
a one-resource economy is an economy that relies on one thing
How can specialization benefit both buyers and sellers in a free market economy?
In a free market economy, specialization benefits buyers by meeting individual needs. Specialization benefit sellers by creating a sector that is not profitable for big business.
Describe labor specialization?
Labor specialization led to a diverse West African economy. How?? I need a reason why.
What does specialization do for the economy?
it makes it more efficient
What is a one-resource economy?
a one-resource economy is an economy that relies on one thing
What is one resource economy?
a one-resource economy is an economy that relies on one thing
How can specialization benefit both buyers and sellers in a free market economy?
In a free market economy, specialization benefits buyers by meeting individual needs. Specialization benefit sellers by creating a sector that is not profitable for big business.
What limits specialization in the global economy?
Trade barriers.
How does specialization affect the economy?
Specialization increases an individual or groups productivity (and income) according to the principle of comparative advantage.
What is mono economy?
It refers to an economy, a national economy, which relies almost exclusively on the production and export of a single product
What region relies on salmon as part of their economy?
North West
The global economy can have specialization in production because of what?
The international division of labor
What is a synonym for postindustrial?
Postindustrial: of or relating to an economy that no longer relies on heavy industry.
What does the vietnamese economy mostly rely on?
it relies on two one is mining
